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melissa francis. lori: i am lori rothman. we will learn how hi our deficits could rise. melissa: we will hear from the president in just a couple minutes. we will bring you the remarks live. lori: immigration reform also on the top earner today. we will hear from business leaders on how reform should be done. lou dobbs weighs in. melissa: our very own charlie gasparino goes one-on-one with municipal analyst. that should be very interesting. lori: let's get things started with the latest addition of stocks now. the 20 you see volatility here. the fix is to the downside today on a day where we are gaining triple digits, unlike yesterday where we love triple digits. the majority of the dow components are in the green. we have economic numbers showing expanding numbers in the u.s. service. we will take a look at a longer term chart. back to you. lori: thank you, as always. melissa: breaking news. the budget office releasing the latest numbers. what we can expect our deficit to be. rich: $845 billion for this year. this is the first time in five years. let's take a look at the next ten y
office, assumes no change in current laws, 2013 fiscal year budget deficit, $845 billion. cbo projects first time below $1 trillion since 2008, 5% of gdp, well below the peak of 2009. saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal health care subsidies, spending cuts and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house
. >> it is almost a false argument to say we have a spending problem. we have a budget deficit problem that we have to address. right now we have low interest on the national debt and it is a good time for us to act to lower that deficit. we think they must be reduced. we are sick and tired of paying interest on the national debt. that is a large percentage of the budget. it is lower now because of the lower interest rate. dagen: i do not speak pelosi. let me see if i can translate what she was saying. she does not believe there was a spending problem. the budget deficit and budget cap should be fixed -- >> i think she is talking out of her -- i do not think there should be any tax increases. i think it is time for the fiscal deficit to call it off and a clear victory. there are signs we have gone too far too quickly. left or right, i am very happy to hold off on these tax increases which i think will appeal to a lot of people. i am in equal opportunity growth guide. both sides of the aisle. i do not think we spend too much money. it is a symptom of a problem. dagen: you are arguing that we should
joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is scheduled fto go into effect, then i believe they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> now, of course the fundamental barriers separating the two sides on either a short term or long term deal is that p
's transparent and that we're reducing our deficit in a way that doesn't hamper growth. >> reporter: the response from house speaker john boehner's office? the president got his revenue, now it's finally time to make the reforms necessary to save our entitlement programs. any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create or more jobs. automatic spending cuts hit the federal budget march 1st. less than four weeks later, a large portion of federal spending authority expires. if democrats and republicans fail to resolve these tax and spending differences, the government is headed for those across the board spending cuts and a government shutdown. back to you. connell: rich, thank you very much. rich edson in d.c. dagen: let's bring in david stockman, former economic adviser to president ronald reagan. there's no urgency though. if we don't do something about our annual budget deficits and our longer term debt that we're accumulating, is it just going to be kind of a slow drip like where we bleed to death as a nation, where we don't re
advising, we can replace the sequester with a smarter strategy that is a more gradual deficit reduction plan. he's going disagree with the republicans on how to do that. he's going to want revenue to be part of it. republicans will say no thank you. >> we'll get the president if a minute and a half. white house gave us a two-minute warning. i would say it's a short-term for the president and the congress not doing what they're supposed to do pass a budget every year. the president set up the sequester, a fiscal negotiations -- >> this is not a natural disaster. >> it's not a natural disaster. >> man-made. >> many ways the president's late submitting his own budget but coming to the podium because though he's part of the mess he thinks he has the upper hand. >> right. i'm having a world is upside down moment. when you talk to house republicans they say to you, you know what? this may be the best budget cuts we can get. let the sequester take effect, even if it cuts the military, the secretary and defense, leon panetta saying that would be shameful. but you have a lot of house republicans
the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that federal spending cuts will go into effect march 1st says the government will run a deficit of $845 billion this year compared to last year's $1.1 trillion shortfall. but the cbo's ten-year outlook predicts those improvements will not last. it warns that an aging population will drive up entitlement spending and rising interest rates will put the debt at unsustainable levels. if current laws remain in place, debt by 2023 only ten years from now will equal 77% of gdp. that's roughly double the 39% average seen over the past 40 years. >>> and president obama is asking lawmakers to take quick action as a march 1st deadline approaches that will trigger deep spending cuts. "the new york times" writes this morning that "mr. obama, who missed a deadline this week to submit his annual budget to congress, acknowledged on tuesday that a broader deficit agreement is unlikely to be reached by the march deadline. he provided no details about the t
first, expecting a budget deficit this year of $845 billion. the first year under a trillion dollars in five years. then the budget deficit gets smaller. these are annual numbers, $616 billion all the way down to 476 billion in 2016 and continuing to rides from there under the weight of the increased interest payments, health care costs. more folks going into entitlement programs for a total of 6.9 trillion added to the national debt over the next ten years. get to the economic projections here. cbo expecting real gdp growth, fourth quarter to fourth quarter, 3.4% next year, averaging 3.6%. the unemployment rate expected to be 8% this year. 7.6% next year. the sixth consecutive year at 7.5% unemployment. that's the longest run in 70 years. getting back to the entitlement programs, the cbo director says health care costs eventuallily swamp the federal budget. >> it's possible to keep the policies for the large benefit programs unchanged, but only by raising taxes substantially for a broad segment of the population. >> he says on the flip side, the ben fits are the same, but raise taxe
with details of this. and, linda, we hear about cities reporting deficits and surpluses all the time, but this isn't very good, is it? >>reporter: not good at all this. report is due out today. it shows that baltimore is on the road to financial ruin and if drastic measures are not taken, the city will go bankrupt. the associated press obtained the 10-year financial forecast ahead of its release to the public today. it shows the city will accumulate a $745 million budget deficit over the next decade because of a growing gap in how much the city earns and the amount it spends. that deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree healthcare benefits. according to the report, if the city does not enact major reforms it, will go bankrupt. the 10-year forecast was commissioned by the city from an outside firm. mayor rawlings blake is expected to propose financial reforms next week based on the report. linda stow, abc 2 news. >>> president obama will be in annapolis. he's going to talk strategy with u.s. senate democr
've taken. they've taken three quarters of the potential revenue for deficit balancing off the table. >> they is? >> congress. >> or are we saying the democrats, the president? >> everybody. this is what they all agreed to, right? so that's problem number one. problem number two is on the spending side, now are we going to make serious cuts or not? i don't think they are unless we go over the cliff. there's not going to be any opportunity to cut pentagon spending in any serious way if you don't go over the cliff. so there is some stuff in there that i as a democrat don't like. but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't know. i bet -- oh, god, joe agrees with me.
. the congressional budget office figures the deficit will come in at $845 billion this year, the first deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very high debt to g.d.p. and then encounter economic problems or international circumstances to which they need to respond really find themselves in very bad and dangerous circumstances. >> reporter: so the budget trade-off remains: balancing near-term economic pain against long-term gain. darren gersh, "n.b.r.," washington. >> tom: a trio of companies relying on consumers had some mixed financial results late today but were greeted with mostly encouraging reactions with their stocks. we will have details from restaurants panera bread and chipotle mexican grill in a moment. but first, disney. while earnings per share were down from a year ago, they were better than estimates. tuna amobi covers disney for s&p capital i.q. take us through some of the details and really the mix of i
a trillion dollar deficit. dagen: don't you think that the democrats will continue to fall back on raising taxes even more than they already have? it is nothing compared to the $7 trillion in additional debt. >> this is not a solution to our problems. i think they have used this to great political advantage. that is indisputable. that is not a solution as to where the budget has to go. what will the senate democrats put in their budget? what will it look like? they will not be able to raise taxes and solve the problem. the taxes will not work. they do not want to reform entitlements. dagen: there is a growing chorus among many people in this country that our debt is not that much of a problem because we have had these low, low, almost record low interest rates at this point. ultimately, if the fed decides we are worried about inflation and begins to withdraw some of this money out of the system, will that be the day of reckoning? >> that will be a very bad day if it happens. you are hearing democrats say we have made a lot of progress, we just need to do a little bit more. connell: do you
in washington. lori: you look at our ballooning national debt in the battle over the current deficit. what is the best outcome? >> that would be for the federal government to reduce spending. that is just all there is to it. lori: where exactly? i have to interrupt you, we are not getting enough detail as to where those tough cuts should come. >> i think they should come from everything. we definitely have to have some entitlement reform. you are seeing an explosion in expenditures in all areas of government. it will have to be trimmed back. one of the things we will be doing is finding those areas in our respective jurisdictions. lori: how do you think about the meat cleaver, if you will, regarding the cuts? >> well, it will happen unless the president wants to come to talk to us about meaningful cuts. the house has passed two bills now. this president is basically says no and does not want to talk to us. he needs to come talk to us. otherwise, it will happen and it will be very tough on a lot of different areas. lori: one silver lining in this national small business association, or econ
was in a deficit by about $4.7 billion. the surplus in the primary balance is a key milestone in greece's efforts to restore its fiscal health. but the greek public is largely unhappy with the government's measures. major labor unions across the country are calling for a general strike later this month. >>> u.s. justice department officials have demanded $5 billion in damages from standard & poor. they say the credit rating agency caused losses to investors by giving high scores to mortgage-backed securities. department officials said they filed the civil lawsuit against the credit rating agency. they claim the s&p knew the housing market was at risk in 2007. they say they inflated their ratings of loans and other financial products to avoid losing clients. >> s&p misled investors, including ma federally insured financial institutions, causing them to lose billions of dollars. this alleged conduct is egregious. and it goes to the very heart of the recent financial crisis. >> the officials said investors trusted s&p ratings and suffered losses of at least $5 billion and they want that money back.
the automatic cuts take effect if there's no long-term agreement to reduce the deficit. both cuts would take a bite out of military and domestic spending programs including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> on the "cbs moneywatch" now, overseas markets got a boost and postal problems. ashley morrison is here in new york with that and more. good morning, ashley. >> and good morning do you, anne-marie. well top official's resignation from the bank of japan spurred the market this morning. tokyo's nikkei jumped 3% to close out a four-year high while hong kong's hang sang sank half a percent. the dow shot up 99 points to close at 13,979 while the nasdaq gained 40 points. >>> the end of an era at the post office may be near. after losing $16 billion last year, the post master general is expected to announce today plans to cut costs. one plan mentioned in the past includes saturday mail. it's trimmed its work force by 35%. >>> rumors about dell giving up on wall street and going private are true. the struggling computer company announced an almost $25 billio
: the dow hitting 14,000 with nicole on the air. this is a snapshot of just how bad our deficits are going to be over the next ten years. dagen: rich edson is live in washington, d.c. rich: $1.1 trillion, that was our deficit for 2012. this is the most recent projections by the office. this year, a budget deficit -- the decade production was $2.26 trillion. these numbers will be much different. much worse. it must examine the budget as if congress does absolutely nothing. and current policy continues. we have had some changes. mainly that built that passed congress earlier in the year. millions of middle-class americans do not have to pay the amt. it also changed the estate tax bumping down the rate of little bit lower than what it had been over the exception of little bit higher. the numbers we just show you, the real numbers will be much worse. we will find out at 1:00 o'clock. back to you. dagen: are we going to be in a statement from the white house at 1:15 p.m.? rich: he will talk about the sequester. he will push for congress to pass a smaller package of spending cuts and tax reform
numbers like the better than expected trade balance which saw deficits shrinkage of about, what, close to 21%. all of these december numbers are going to impact potential revisions to gdp for the fourth quarter, which we received last week. and it was a paltry minus .1 of 1%. we'll watch this number very carefully. interest rates have moved up with stocks. wholesale inventories shrank .1 of 1%. sales were unchanged at a goose egg. we were expecting .4 on inventories. this is going to be very key as we factor in some of our potential revisions for the next look at fourth quarter gdp, which comes at the end of the month. here we get close, within two basis points of 2%. remember, we started out around 193, 194 today and closed last week at the highest yield close going back to april at 2.02. >> rick santelli, thank you. not too much reaction in terms of the major averages to that data. it is important to keep in mind, with these gains here, we're now positive for the week. definitely for the s&p 500. this is a new high, by the way, on the spx. up almost eight points. the nasdaq as you se
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
deficits, and that austerity was never given a credible grade, for example, by many investors, thinking, of course, it wasn't a great strategy. i concur. here's the problem, though. you know, austerity by definition is, you know, deficit cutting with less benefits and services. now, it is a horrible word. and, of course, many governments and politicians grabbed on to it because they really don't want deficit cutting and they don't want less benefits and services. but it is pretty hard to call it austerity as we go into, what, year six of post credit crisis activity. and global economics don't dictate we're doing a heck of a lot better, even though we had some jumps in growth, which kind of can be predicated on high levels of stimulus, maybe don't call it stimulus, maybe you call it just three to four years of big deficits. now, quid pro quo on the other hand seems to be the relationship that dictates who the big buyers are of very high quality, relatively speaking sovereign debt, whether it is boons, treasuries, guilts or ooth oaths. we need a whole lot less quid and a lot more pro grow
: this year's federal budget deficit will fall below a trillion dollars for the first time since president obama took office. the congressional budget office projected today the red ink will be roughly $845 billion. it was $1.1 trillion last year. the c.b.o. attributed the decline in part to new tax hikes and to automatic spending cuts scheduled to take effect in march. but it said those same factors may also hold back economic growth. personal computer maker dell has announced it's going private. the company detailed a $24 billion buyout of stockholders today. it's the largest deal of its kind since the great recession. dell has been publicly traded for nearly 25 years. but sales have waned as consumers have shifted towards smartphones and tablets. britain took a major step today toward legalizing same-sex marriage nationwide. the house of commons voted more than 2-1 to legalize the practice. that's despite sharp divisions in the ruling conservative party. prime minister david cameron acknowledged the split, but supported the bill. >> i think it's delight gay people should be able to get
the white house asking congress to act now to avoid sequester and reduce the deficit. the president will ask congress to reduce the deficit in the short-term before automatic cuts kick in march 1st. >>> and right now, the president is meeting with labor leaders and immigration reform groups to discuss his plan to fix the nation's immigration laws, he'll discuss the issue with some of the country's most prominent ceos. the house committee is holding the first in a series of hearings on immigration reform. the committee's chairman said he hopes the hearings help house lawmakers come up with a bill on this issue. a bipartisan group of senators unveiled their own immigration proposal last week. >>> and maryland dog owners will rally in annapolis this morning in hopes of earning more protection if their pet bites someone. right now pit bulls and their owners are singled out for punishment even if the dog has no previous evidence of being dangerous. today's demonstration supports a new measure that would hold all dog owners responsible for a bite. but it also allows the owner to prove in court tha
more time to come up with a permanent solution for reducing the deficit. >> we should give them the chance to come up with the budget instead of making cuts costing us jobs and significantly slow down our recovery. >> the president says the u.s. economy is poised for progress in the coming year and predicted it will fall below the $1 trillion mark. >> sources tell ap tonight the pentagon is ready to offer limited benefits to same-sex partners of gay service members. likely toin clud health and welfare benefits. dpeens secretary has not made a decision because federal law prohibits him from recognizing same-sex marriages. british lawmakers voted in favor of legalizing same-sex marriage. legislation would enable same-sex couples to get married in civil and religious ceremonies. the prime minister championed the bill despite opposition from within his party. before it becomes plau it must still pass the house of lord autos as we continue here, coming up, governor brown's response to a texas raid on california jobs. >> and >>> because gas prices are high it turns out we're driving l
take effect if there's no long-term agreement to reduce the deficit. both cuts would take a big bite out of military spending and domestic programs including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> we're learning more about the dramatic rescue of that young alabama boy held hostage for a week. the boy identified only by his first name, ethan, celebrated his sixth birthday today. when the fbi stormed the bunker where he was held by his captive, the suspect opened fire. the suspect jimmy lee dykes was killed in that fire fight. dykes was accused of killing ethan's bus driver before kidnapping the boy and it appears he was prepared for a raid. investigators found a bomb in the bunker and one in the pipe dykes used to communicate with the authorities. marlie hall reports. >> reporter: investigators are still gathering and processing evidence from the underground bunker where suspect jimmy dykes held ethan captive. the fbi's hostage rescue team stormed into the bunker monday, set off flash grenades, and then shot and killed dyke
and deficit. to put a plan in place. it's not just because we want to send a signal to the markets that washington's getting its act together. that's true. and that's a good result. but, it really is to help people. we don't want to see interest rates go up and the need for higher taxes. we don't want to see burden laid on the families, and individuals just coming out of school or seniors. we're trying to put us on a path to a growing economy, where there's more opportunity. >> but eric, you're still in a position of trying to sugarcoat a position of telling people that they are going to be getting less. that you're not going to make the same loans available, that this is a -- this is something that the president campaigned on very successfully. it's that situation. it's the immigration situation. are these different positions or this is just a new way of saying the same thing? >> look. what we're saying is our policies are the best path forward to help people in their lives. and the conservative principles of not spending money you don't have, of making sure that you put in place
of that cycle? with some of the problems that we're facing right now with the deficit issues, with the entitlement issues that are coming up, how do we get politicians to start talking about some of those tough realities? >> i don't know. the ones that do get slaughtered. i don't know how we do it. i wish i were that smart. >> do you think it's holding back business at this point? or does business operate kind of outside the sphere of what's happening in washington. >> oh, you can't operate outside the sphere. the last few years, where anybody in a corporation was considered evil, and i really felt that way. i know my colleagues felt that way, you have to operate in spite of washington. and because, first of all, you have a responsibility, shareholders employees customers, whatever, but you're a business. and you're there to run a business, and to make good products and get profit, and la, la, la, everybody's happy. so you have to do it even with the weight of washington strapped to your back every day. >> you said that you felt the last two years that businesses and your col
faces serious structural deficits between slow growing revenues and faster growing expenses. without corrective action this shortfall totals nearly $750 million over 9 years. the put that number into perspective it's more than what we spend on police, fire, health and recreation and parks annually. >> wjz will have much more on the state of the city address coming up on eyewitness news at 5:00. >>> 3 days later and people across much of the northeast are still digging out from the historic blizzard. long island got hammered. some places got more than 30 inches of snow. michelle miller reports from smith town. >> this is what a 32 mile stretch of the long island expressway looked like for much of the weekend. car after car buried under the snow. >> there were hundreds of residents literally who were within miles after making their way back to their houses when the snow just swallowed them up. >> similar scenes unfolded across long island's roadways. even emergency vehicles were left stranded. >> if they had a plow we would be home. >> many couldn't be freed until saturday. >> just cam
's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in the power system triggered an automatic shutdown forcing backup systems to kick in. but they weren't sure
had the south african mine strikes which really put deficits there relative to the demand that's there. that put platinum and both palladium as well. >> sean, thanks. carl, thank you, as well. >> okay. coming up, folks. details on some looming job cuts on wall street. and we're also building up to the newsmakers of the morning. former treasury secretary robert rubin, in studio. that's a cnbc exclusive, folks, at 8:00 eastern. plus, chicago fed president charlie evans talking about the central bank's next move. do stay tuned. >>> tomorrow, a special edition of "squawk box." live from pebble beach. former yahoo! ceo carol bartz will be our guest host. we'll talk to at&t chairman and ceo randall stevenson. plus, the legendary clint eastwood. >> people have to get creative when the pressure is on. >> it all starts tomorrow at 6:00 a.m. eastern. >>> welcome back to "squawk." barclays capital saying it plans to lay off 275 employees at three offices in new york. it's blaming economic factors for the layoffs. the layoffs are going to take place during a 14-day period beginning may 5th. how do
the same notion, why item doing the rick santelli in this light. whether tax or deficits, it seems as though james stewart needs to go to a lot of different media and explain the herd mentality. just look at debt and deficits, i am not picking on the "new york times." we know the "new york times" for the most side will side with the progressive liberals and other papers go the other way. the point is in five, 10 years the deficits completely blow up, as mr. stewart point out since nobody went the other way, there's safety in numbers. when it all goes down the tube, my gosh, what a surprise. get everybody that covers politics to kick the tire. consider they may not know the outcome as intensely and as positively as those analysts that you depicted on apple. it just amazes me he is so correct on apple but many reporters that cover politics are so blinded by the notion that they're speeding down a highway and they have no idea there may be cars going the other way. back to you. >> rick santelli, thank you. apple is reportedly experimenting with wristwatches that have the function of a
in a minute. can't borrow anymore. we've got a deficit that's, let's just call it morning friends a trillion. the c.b.o. estimate was a little bit below finally. but around the neighborhood of a trillion. that's 12 times 85. on top of that, you will... you have the danger of kicking off a worldwide financial panic as people start worrying about, well, is the united states going to default on its debt? if it comes down to paying social security payments or the interest on the debt, are we so sure that america will cut the social security payments and pay the interest on the debt? and a whole bunch of questions like that that we don't want anybody thinking about. we always want people thinking america is going to pay its obligations all of them. all of them. >> charlie: and america is. and we always have. i believe we will. but that's why i'm so worried about even if it's a small probability of a cataclysmic crash to the national debt ceiling, it wouldn't be good. >> reporter: do you think it's essential for the administration to lay out how it were to reform entitlements? >> not at this stage
deficits that were very substantial. they're being reduced to nothing and we're moving into the black. internal borrowing is being reduced, those are the economy picking up. those are the reasons for the upgrade that occurred by the s&p. stuart: will you get all the tax revenue you plan on getting from the higher marginal tax rates. we have a lot of reports of wealthy people just moving out of the states, they can't take it anymore. there are a lot of people talking the way phil mickelson is talking. >> there is more than anecdotal evidence, officially somebody leaves, people don't put up press releases necessarily when they come to california, but that has happened to. the net result, the top 1% stake in california during the last decade -- fair share of the income pie. 20% of all of the income. that group has been doing well, they do well in california because there's a lot of business opportunity here. stuart: i'm afraid we're out of time, but we appreciate you being with us. thank you, sir. i want to get back to facebook because it is well below $30 per share, what is wrong, nicol
will have to pay $2500 in taxes. forecasting our future deficits. expect a lot of red ink. i expect a lot. president obama will miss his budget deadline. it is the third year and a row in the fourth time they have done that. you know, after all of that, i need a change of subject. i give you budweiser's clydesdale commercial. ♪ ♪ i took my love and i took it down mobile i climbed a mountain and i turned around ♪ ♪ stuart: that really was heartwarming. it was the number one super bowl ad. at 10:45 a.m., we have a very force on the road and the man who created that ad. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative
trillion and deficit reduction. >> jackie sissel the live in san francisco taking a look at the gas prices. >> they are going up. this past january was the second most expensive january ever for gasoline. the chevron and standards as the $3.95 as the guest for regular unleaded gasoline. it is up 24¢ in the last month. these numbers are brought to you by triple a, four california. $3.93 is the average. that is up 33¢ and last month, up 14¢ and as the last seven days. that puts us second only to hawaii as the most exquisite gas in the nation. in the bay area we are hovering around the california average. sampras's go $3.93, oakland $3.85, san jose $3.87. the big question is why are we paying so much for all of this gas? it is a multitude of reasons. one because the economy is doing well and speculators are driving up the cost of gas. the second is that the price of crude oil. it is up to 95 to zero hundred dollars a barrel. the third and probably biggest reason why we're paying so much right now is because all lot of these refineries are starting to switch over to the summer/spring that l
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